A memorandum obligation to transfer a 5-percent equity share held by the Greek state in the previously state-controlled telephony utility (OTE) to the Hellenic Republic Asset Development Fund (HRADF) cleared a last hurdle on Friday.
A decision by an inter-ministerial commission was published in the government gazette on Friday, transferring 24.5 million OTE shares to HRADF, Greece’s memorandum-mandated privatization fund.
The stake will, by all accounts, then be sold to Deutsche Telekom, which controls a majority stake in the telecoms utility and wields its management.
A new agreement to sell the state’s 5-percent share in OTE was signed as part of the first review of the Greek program (third bailout) last May.
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